منابع مشابه
Corporate Access to External Financing
Access to external finance, such as bank loans or trade credit, is a key determinant of a firm’s ability to develop, operate, and expand. Economic researchers have studied how various macroeconomic and microeconomic factors influence such access; for example, it has been shown to depend on the macroeconomic environment, since economic downturns tend to limit firms’ ability to borrow and banks’ ...
متن کاملAsset Tangibility and Corporate Performance under External Financing
Asset values often fall sharply once assets are placed outside of the rm. When this happens, investors have fewer incentives to enforce their right to liquidate or reorganize the rm. Instead, they may allow an underperforming business to continue and may even re nance it under its current management. The problem that this creates is that rm insiders then have fewer incentives to implement va...
متن کاملExternal Financing Method: Financing through Debt and Stock Issuance
Countries need short, medium, and long-term investment plans for production growth and development. Different sources for these investments can be supplied through retained profit, stock issuance, and bank loans, or a combination them. Institutions and firms need huge amount of capitals for their survival, production, and also development of activities. In addition, these institutions and firms...
متن کاملCorporate Investment and Financing Dynamics∗
This paper studies the behavior of leverage ratios in a dynamic trade-off model with real frictions. Firms underutilize debt when financing investment to retain financial flexibility. Underutilization of debt persists even when firms exercise their last investment options, and it is more (less) severe for more back-loaded (front-loaded) investment opportunities. Thus, leverage dynamics cruciall...
متن کاملDo Personal Taxes affect Corporate Financing Decisions?
The traditional view is that interest deductibility encourages firms to use debt financing; however, some argue that the personal tax disadvantage to interest offsets the corporate tax advantage. This paper investigates the degree to which personal taxes affect corporate financing decisions. In crosssectional regressions that control for personal taxes, debt usage is positively correlated with ...
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ژورنال
عنوان ژورنال: Brookings Papers on Economic Activity
سال: 1971
ISSN: 0007-2303
DOI: 10.2307/2534224